Large Institutional, DeFi Activities Dominate India Crypto !!!

Driven by institutional investors and rapidly expanding decentralized finance (DeFi) activity, India could soon become a hub for cryptocurrency-related investments in the Central, Southern Asia and Oceania (CSAO) region once its government provides clearer regulatory guidance, according to a report published by Chainalysis

We’re seeing huge growth [in India’s DeFi ecosystem], with many developers moving into the space after having worked at traditional tech unicorns,” Krishna Sriram, managing director at blockchain security firm Quantstamp, said to Chainalysis in the report, titled “Central & Southern Asia and Oceania Have High Grassroots Adoption But Reasons Vary Greatly Across Countries.

Between July 2020 and June 2021, the CSAO region received more than $572.5 billion worth of cryptocurrencies, the world’s fourth-largest cryptocurrency market by crypto transaction value, just behind Central, Northern and Western Europe; North America and East Asia.

Transactions valued above $10 million represented 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam between July 2020 and June 2021, according to Chainalysis. The blockchain data firm categorizes crypto transactions valued above $10 million as “large institutional” activities.

Professional traders are driving Vietnam and Pakistan’s crypto markets, with crypto transactions between $10,000 and $1 million representing the majority in those two countries. Chainalysis said transactions valued in that range came mostly from professional crypto investors.India led the growth in DeFi adoption in CSAO, according to Chainalysis. The country’s cryptocurrency activity is mostly concentrated in ether and wrapped ether. Both tokens are mainly used for DeFi transactions.
Posted On: Oct 05, 2021

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